UK watchdog bans Kingsley Solicitors ex-owner over client money misuse
The FCA has banned Nurul Miah, former non-legal manager of Kingsley Solicitors, after over £28 million was taken from client accounts without permission.
Britain's financial regulator has barred the former owner of a UK law firm from working in financial services after client money was moved without authorisation.
The Financial Conduct Authority said Nurul Miah, who served as non-legal manager of Kingsley Solicitors Limited, dishonestly caused or permitted more than £28 million to be withdrawn from client accounts between April 2019 and July 2020.
The FCA's action follows findings by the Solicitors Regulation Authority, the professional body for solicitors in England and Wales, that £10 million of client money was missing and had been used by Miah for his own benefit.
"We have banned him to protect consumers and help maintain confidence in the financial system," said Therese Chambers, executive director of enforcement and market oversight at the FCA.
The SRA had already imposed its largest-ever fine of nearly £4 million over the breaches last year, according to the law regulator's website.
Attempts to reach Miah for comment were unsuccessful, while Kingsley Solicitors did not respond to a request for comment.